The banking industry has been around for centuries and provides an important service to the human population. It is a place where people can do things such as save money, make transactions and pay utility bills, to mention but a few. The traditional way of carrying out various functions in banks has dramatically changed over the last couple of years thanks to technological advancements. As a result, people are now able to bank in a way which is faster, easier and far more convenient. This article will look at three key ways that technology has transformed the banking sector.
Paperless Banking
Paperless banking, which is also known as e-banking, has become extremely popular in this technological day and age. It is a result of the transference of information to digital platforms, as opposed to documenting information on paper alone. Paperless banking has many benefits, including it being environmentally friendly and a more efficient way of meeting customer’s needs. Other benefits of banks going paperless include higher security for sensitive information, greater productivity for staff (as it cuts out the hours it takes to do paperwork), and an increase in business velocity.
Technology has revolutionised the way we protect data in 2018. Everything can be done digitally, and improvements are being made every day to ensure data and assets are far more secure. A very important aspect of banking is ensuring that financial information is kept safe. Technology has been able to respond to this need through the creation of cybersecurity and data protection which keeps customers as well as bank information safer. As there are still breaches, banks are ensuring work is continuously being completed to make sure information is safe. It is said that IBM, for instance, is working on artificial intelligence to identify and fight cyber-attacks.
Mobile Banking
Getting things done in 2018 is very likely a faster process than it was a decade ago. Mobile banking is one of the main reasons for this, as most things can be done on the screen of your mobile phone. Through the creation of apps, people are able to make transactions, pay bills, and even set up direct debits. It eliminates the need for people to physically go into the bank at all, which can also result in reduced traffic in the bank. Mobile banking is one of many technological innovations that have simplified what was once a sometimes time-consuming process. If you intend on making significant strides in the finance industry as Fahad Al-Rajaan did, then it is imperative that you’re able to take calculated risks and try problem-solving innovations such as this.
The banking industry is one that will likely be around for many years to come. How customers interact with banks, on the other hand, is likely to continue evolving. Thanks to the strides being made in technology, there are already solely digital banks, so it wouldn’t be surprising if the need for physical banks begins reducing. Whatever the case, we know that with technology, exciting, new innovations can always be anticipated.
